We surveyed over 2,000 U.S. consumers to determine how and why they choose their favorite products. Here are the key trends for product companies to keep in mind as they navigate today’s customer-first revolution.
54% of all consumers would stop using a brand after just one bad experience. Millennials are the most likely to do so at 57%.
24% of consumers will break up with a brand over inconsistent or obsolete online product information.
58% of consumers have recently switched from a brand they love to its competitor.
47% want enhanced product experiences like online communities or how-to videos.
Consumer expectations of their favorite brands?
38% experience (online presence, in-person events)
30% related products that work together
What defines an enhanced brand experience?
42% High quality
The truth is, a customer’s experience - and the underlying product content that supports it - will make or break your brand. Conflicting information in any channel could lead to a lost sale. Keeping product information consistent and accurate in every sales channel should be top of mind with marketers.
Two-thirds of consumers now expect brands to engage with them well after the sale, anticipate their needs, and rectify bad experiences quickly. Companies that get this right are on the fast track to gain and retain more customers than their slower competitors.
Brands need to become better listeners, reevaluating how they develop their products based on consumers’ needs, from finding innovative ways to increase affordability to offering subscription-based add-ons.
To learn more about how Propel can help your business revolutionize customer engagement and increase revenue through our Product Value Management platform, click on these resources to learn more:
Shared insights to optimize decision-making. Contextual collaboration to speed process flow. Market engagement to drive financial success. All on a single platform.
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